MIRA
INFORM REPORT
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Report Date : |
10.03.2011 |
IDENTIFICATION DETAILS
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Name : |
HI – Q ELECTRONICS PRIVATE LIMITED |
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Registered Office : |
# 606, 2nd Floor, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
21.02.1983 |
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Com. Reg. No.: |
08-5174 |
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CIN No.: [Company
Identification No.] |
U32104KA1983PTC005174 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRH00102E |
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PAN No.: [Permanent
Account No.] |
AAACH3509C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters and Traders of all types of printed circuit boards, picture tubes, electrical / electronic goods, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 880000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
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Name : |
Mr. Krishna |
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Designation : |
Accounts Department |
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Date : |
08.03.2011 |
LOCATIONS
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Registered Office : |
# 606, 2nd Floor, Sony World Building, 80 Feet Road,
Koramangala, 4th Block, Bangalore 560034, Karnataka, India |
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Tel. No.: |
91-80-40310800 / 25532892 |
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Fax No.: |
91-80-25520348 / 25532923 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft. |
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Location : |
Rented |
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Factory 1 : |
9, Industrial Estate, Hosur - 635109, |
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Tel. No.: |
91-4344-242911 |
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Fax No.: |
91-4344-245014 |
DIRECTORS
As on 24.09.2010
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Name : |
Dr. S. Venkatachalam |
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Designation : |
Managing Director |
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Address : |
323, 5th main, Koramangala, I Block, |
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Date of Birth/Age : |
10.10.1933 |
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Qualification : |
M.Sc. PHD |
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Date of Appointment : |
21.02.1983 |
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Name : |
Mr. V. Sendyl |
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Designation : |
Director |
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Address : |
No. 48, 8th main Road, 3rd Cross, Koramangala, 4th
Block, |
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Date of Birth/Age : |
13.11.1963 |
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Qualification : |
B. Tech |
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Date of Appointment : |
21.02.1983 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2010
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Names of Shareholders |
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No. of Shares |
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S. Venkatachalam |
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141413 |
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V. Sendyl |
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68571 |
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Total |
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209984 |
As on 24.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters and Traders of all types of printed circuit boards, picture tubes, electrical / electronic goods, etc. |
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Products : |
· Printed Circuit Boards · Picture Tubes · Electrical and Electronic Goods · Double Sided and Multilayer PCB’s |
PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Printed Circuit Boards |
Sq.mtrs. |
20000 |
20000 |
280823 Nos. |
GENERAL INFORMATION
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Customers : |
Retailers |
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No. of Employees : |
54 [In Office 14 + In Factory 40] Approximately |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Panth and Company Chartered Accountants |
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Address : |
No.16/3, 2nd Cross, Gupta Layout, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Preference Shares |
Rs.100/- each |
Rs.0.500 Millions |
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395000 |
Equity Shares |
Rs.100/- each |
Rs.39.500 Millions |
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Total |
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Rs.40.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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209984 |
Equity Shares |
Rs.100/-
each |
Rs. 20.998
Millions |
Note:
(of the above,
188111 shares have been allotted as fully paid-up bonus shares by capitalisation
of reserves and 12800 shares have been issued for consideration other than
cash)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
20.998 |
20.998 |
20.998 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
199.259 |
186.230 |
173.471 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
220.257 |
207.228 |
194.469 |
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LOAN FUNDS |
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1] Secured Loans |
121.546 |
119.058 |
121.309 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
121.546 |
119.058 |
121.309 |
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DEFERRED TAX LIABILITIES |
15.736 |
15.736 |
15.736 |
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TOTAL |
357.539 |
342.022 |
331.514 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
280.527 |
254.111 |
240.658 |
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Capital work-in-progress |
0.000 |
0.000
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0.000
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.442 |
5.105 |
5.683 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
23.979
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24.407
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26.929
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Sundry Debtors |
44.415
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54.697
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58.500
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Cash & Bank Balances |
0.767
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1.140
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1.052
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Other Current Assets |
0.000
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0.000
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0.000
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Loans & Advances |
33.835
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39.768
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41.129
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Total
Current Assets |
102.996
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120.012
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127.610
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
13.565
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16.026 |
9.887 |
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Other Current Liabilities |
5.082
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3.282
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4.567
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Provisions |
8.028
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17.898
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27.983
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Total
Current Liabilities |
26.675
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37.206
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42.437
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Net Current Assets |
76.321
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82.806
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85.173
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MISCELLANEOUS EXPENSES |
0.249 |
0.000 |
0.000 |
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TOTAL |
357.539 |
342.022 |
331.514 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Gross Turnover |
228.061 |
250.363 |
282.142 |
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PROFIT BEFORE
TAX |
22.816 |
40.955 |
76.698 |
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Less |
TAX |
8.692 |
14.634 |
25.040 |
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PROFIT AFTER TAX
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14.124 |
26.321 |
51.658 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
119.491 |
107.810 |
81.018 |
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PREVIOUS YEAR
EXPENSE |
0.812 |
0.137 |
0.300 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
0.000 |
2.609 |
4.929 |
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Dividend |
0.000 |
107.810 |
81.018 |
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Tax on Dividend |
0.000 |
10.000 |
15.014 |
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BALANCE CARRIED
TO THE B/S |
133.816 |
119.491 |
107.810 |
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IMPORTS |
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Raw Materials |
51.945 |
50.964 |
46.246 |
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Stores & Spares |
93.947 |
6.021 |
2.925 |
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Capital Goods |
65.095 |
37.657 |
60.691 |
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Others |
210.987 |
94.642 |
109.862 |
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TOTAL IMPORTS |
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Earnings Per
Share (Rs.) |
68.22 |
124.80 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.95
|
10.95
|
20.83
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Return on Investment (ROI) (PBT/Networth) |
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0.10
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0.20
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0.39
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Debt Equity Ratio (Total Liability/Networth) |
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0.67
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0.75
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0.84
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Current Ratio (Current Asset/Current Liability) |
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1.35
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3.23
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3.01
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LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
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Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
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Sundry Creditors |
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Small Scale
Industrial undertakings |
0.000 |
0.000 |
0.000 |
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Other than Small Scale Industrial Undertakings (as certified by the management) |
13.565 |
15.641 |
8.994 |
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Creditors for capital goods against Term loan sanctioned |
0.000 |
0.384 |
0.893 |
Note:
The Registered office of the company has been shifted from 679, 6th
cross, 10th main, Koramangala, 4th Block,
Bankers Charges
Report as per Registry
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Name of the company |
HI – Q ELECTRONICS PRIVATE LIMITED |
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Presented By |
State Bank of Overseas Branch,
LHO Compound, HI – Q ELECTRONICS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Date 16.10.1990 Agreement for
cash credit hypothecation of debts and assets – Form- L Agreement for
cash credit hypothecation of goods. Form ’K’ special |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.25.000
millions [Rs.5.000
millions against debts and asset, Rs.5.000 millions against goods and
Rs.15.000 millions against LC and Gurantees] |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Present and
future book debts, outstanding monies, receivables, claims, bills, contracts,
engagements, securities, investments and right and assets- stock of raw
material, consumables, machinery spare, stock in process of manufacture and all
articles manufactured therefrom, which now or hereafter from time to time in
or about the borrowers Godown or premises at no.9, industrial Estate Hosur,
635109 (TN) are hypothecation to SBI |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest:
at 16.5%p.a with quarterly rests. Repayable on demand |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Overseas Branch,
LHO Compound, |
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6) Date and brief description of instrument modifying the charge |
Date : 10.02.2006 Supplemental
Agreement of hypothecation of goods and assets for increase in the overall
limit. Form C.2A Letter regarding the
grant of individual limits within the overall limit- Form C.5 Equitable
Mortgage by deposit of title deeds- letter confirming deposit of title deed-
Form A enclosed Extension of
equitable mortgage by deposit of title deeds- Letter confirming deposit of
title deeds- Form ‘B’ enclosed |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By the above the
amount secured by the charge stands increased from Rs.126.000 millions to
Rs.154.800 millions [C.C- hypothecation of stock – Rs.7.500 millions , C.C -
hypothecation of Rec- Rs.7.500 millions (with full interflexibility from rec
to sts) (chq/bill Discount –Rs.1.000 millions sublimit of C.C.Rec), L.C-
Rs.1.000 millions TL 1 Rs.12.000 millions, TL 2- Rs.17.000 millions TL 3
Rs.18.000 millions, TL 4- Rs.24.600 millions, TL 5- Rs.9.000 millions TL 6-
Rs.29.400 millions and TL 7 Rs.28.800 millions Sub limit- one time capital
goods LC- 27.500 millions Security of
stock, goods book debts, bills receivable, other movable assets currents
assets, plant and machinery etc and security of company’s immovable
properties comprising of land and building situated at plot no.9 and 10, sy.
No.676, 682/1 and 683 measuring East to west 100 Feet and north to south 218
feet, plot no. 9(a) sy. No. 682/1 and 683 measuring north to south on the
east 74 feet, north to south on the west 72 feet and east to west 100 feet,
plot no.11 and 12, sy. No. 682/1 and 983 measuring east to west 100 feet and
north to south 218 feet and plot no. 17 sy. No. 649/1, 675, 683 and 684
measuring east to west 84 feet and north to south 170 feet, all situated at
electronics indl. Estate, Hosur- 635 109, Tamilnadu already obtained and the
security of company’s immovable properties situated at plot no. 06 and 07,
electronic industrial estate, hosur, Tamilnadu measuring an extent of 0.25
acres each now obtained both present and future are available for the entire
credit limits of Rs.154.800 millions by way of first charge Rate of Interest:
CC- 0.75% above SBAR; effective rate 11% p.a with periodical rests and/or at
such rate /s and rests as the bank may specify from time to time. TL 1,2,3,4,5 and
6 – As per old Form 08 and 13 TL 7-11.5% p.a
with periodical rests and/or at such rate/s and rests as the bank specify
from time to time LC/BG- as per bank instructions. Margin: 10% on RM
(Imported), 25% on RM (Domestic)/ FG/Spares/LC/Book debts/rec, 33.3% on
TL/one time LC and 50% on SIP Repayments: CC-
on demand TL 1,2,3,4,5 and 6- as per old form 08 and 13 TL 7- in 60 Equal
monthly installments of Rs.0.480 million each commencing from 31.10.2006. |
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Corporate
identity number of the company |
U32104KA1983PTC005174 |
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Name of the
company |
HI – Q ELECTRONICS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
# 606, 2nd Floor, Sony World Building, 80 Feet Road,
Koramangala, 4th Block, Bangalore 560034, Karnataka, India |
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This form is for |
Modification of
Charge |
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Charge
identification number of the modified |
80016081 |
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Type of charge |
Immovable Property Book Debts Movable Property Floating Charge |
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Particular of charge
holder |
State Bank of |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental Agreement
of hypothecation of Goods and Assets for increase in the overall limit from
C-2A, Letter regarding the grant of individual limits within the overall
limit form C-5 and memorandum for recording extension of mortgage by deposit of title deeds Form
–B (All pertain to the same charge) |
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Date of
instrument Creating the charge |
04.11.2010 |
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Amount secured by
the charge |
Rs.238.800
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest WCL & TL 7-
AT 5.25% above BR, EFF rate 12.85% p.a. at monthly rests. TL 6- AT 4.75%
above BR, EFF RATE 12.35% P.A. AT monthly rests. TL 8- AT 5.50%
above BR, EFF RATE 13.10% P.A AT monthly rests. Terms of
Repayment WCL- WC limits are
repayable on demand. TL 4 TO TL 7 : as
per the existing terms & conditions continue. TL 8: in 60
monthly installments of Rs 0.400 Million each with effect form September
2011. Margin FG/CCS/Receivables-
25% RM DOMESTIC -
25%, RM Imported : 10% SIP : 50%, LC : 25% TL-8/One Time
Capital Goods LC : 33.33% Extent and
Operation of the charge Exclusive first
charge on the assets of the company and to the full extent. Others CC Stocks
Rs.15.000 Millions; CC receivables Rs. 15.000 Millions; TL 4 Rs.28.8 Millions, TL 5 Rs.45.000 Millions; TL 6 RS. 4.00
CRS; TL 7 RS. 6.30 CRS; TL 8 new RS.
24.000 millions; LC RS. 5.000
Millions; forward contract Rs. 3.000
millions; TOTAL RS. 238.800 Millions. |
|
Short particulars
of the property charged |
Hypothecation of
company’s present and future movable fixed assets and current assets like
stocks, raw material, semi finished and finished goods, book debts,
receivables, outstanding monies, bills, rights, stores, components, furniture
and fittings, other movables, plant and machinery, vehicles and assets to be
purchased out of bank finance. Extension of
Equitable Mortgage of immovable properties situated at Plot No. 6, 7, 9,
9(a), 10, 11, 12 and 17 Electronic Industrial Estate, Hosur Tamil Nadu |
|
Date of latest
modification prior to the present modification |
17.09.2009 |
|
Particulars of
the present modification |
The amount
secured by the charge stands Reduced to Rs.238.800 Millions. The securities
described and detailed in col no 15 herein above continue for the reduced
limit. All other terms and conditions remain unchanged. |
Fixed Assets
- Land
- Other Building
- Plant and Machinery
- Electrical Installation
- Pollution Control Equipments
- Office Equipments
- Furniture and Fixture
- Computer
- Vehicles
- Software
AS PER WEBSITE
Profile:
Over the last 29 years, Hi-Q Electronics has emerged as a leading
manufacturer of Printed Circuit Boards in
Hi-Q manufacturers Double Sided and Multilayer Printed Circuit Boards.
Hi-Q was established under the guidance of its Managing Director Dr.
S.Venkatachalam who has over 40 years of experience in manufacturing Printed
Circuit Boards. Hi-Q employs about 60 persons at its facility.
During the last year Exports outside
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.02 |
|
|
1 |
Rs.72.70 |
|
Euro |
1 |
Rs.62.54 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.